As the Nov trading month comes to an end, we have seen slightly better inflow momentum for tech sensitive plays South Korea and Taiwan. The last 3 trading days for Taiwan has seen almost $1.5bn in net offshore inflows. Still, this has only curbed Nov to date outflows to just over $10.5bn. As we enter into Dec, focus will be on broader equity trends (with the US Fed outlook an important driver), along with AI/chip demand into 2026. Local bellwether TSMC continues to recover from earlier Nov lows but remains off start of the month highs.
Table 1: Asian Markets Net Equity Flows
| Yesterday | Past 5 Trading Days | 2025 To Date | |
| South Korea (USDmn) | 46 | -1956 | -5279 |
| Taiwan (USDmn) | 687 | -2407 | -5692 |
| India (USDmn)* | 562 | 108 | -15712 |
| Indonesia (USDmn) | -17 | 119 | -1734 |
| Thailand (USDmn) | -27 | -97 | -3366 |
| Malaysia (USDmn) | 38 | -91 | -4543 |
| Philippines (USDmn) | -17 | -75 | -660 |
| Total (USDmn) | 1272 | -4398 | -36985 |
| * Data Up To Nov 26 |
Source: Bloomberg Finance L.P./MNI
Find more articles and bullets on these widgets:
The AUD OIS market has almost no chance of a cut priced in for the 4 November RBA decision with only around 25% of 25bp for the 9 December decision following the broadly higher-than-expected Q3 CPI data. The October Bloomberg survey showed that economists were not unanimous as to when they expected the next cut. Of the big four local banks, only Westpac forecasted a November easing but that has now changed.

Aussie is outperforming the G10 today after Q3 CPI printed higher than expected across the board and likely means that the RBA will be on hold on 4 November. The AUD OIS market has almost no chance of a cut priced in with only around 25% of 25bp for the 9 December decision. AUDUSD jumped to 0.6607 on the data release but has struggled to hold moves above 0.6600. It is currently up 0.2% to 0.6599. The USD index is flat and risk appetite mixed.